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Business News

Ben Bruce introduces Electric Car Bill to the senate, as Nigerians react

Senator Ben Murray-Bruce (@benmurraybruce) is proposing that the Nigerian Senate legislate on an Electric Car Bill. But many Nigerians are calling his proposal “misplaced priority”.

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Ben Murray Bruce

Nigerian senator, Ben Murray-Bruce, who represents Bayelsa East Senatorial District, has taken to his Twitter page to share two of the bills he recently proposed before the Senate.

One of the bills he proposed is the Electric Car Bill, which is basically seeking that the National Assembly approves the use of electric cars in Nigeria.

The reason for the bill

According to Bruce, the reason for proposing the bill is to help Nigeria actualise a clean energy policy, encourage the use of modern technology, de-emphasise on oil consumption, and also reduce air pollution.

Nigerians reaction to the bill 

Interestingly, some Nigerians on Twitter “dragged” the senator because they felt that his proposed bill is a misplaced priority. Some people specifically questioned the need for electric cars in a country that cannot boast of 24 hours electricity supply.

https://twitter.com/UKmichels/status/1116001544451821573

Some others even went as far as saying that the Senator’s proposed bills show how disconnected he is to the people he is representing.

https://twitter.com/fibonacciobz/status/1116097247651991553

Another person questioned his idea and asked if the proposed electric cars can function in the constituency he is representing.

Moving forward 

In as much electric cars are not exactly what many Nigerians need at the moment, it is important to consider the fact that Senator Bruce might be finding solutions to future problems.

Many countries are discovering crude oil, even as the world-wide usage of electric cars keeps rising. Nigerians will, therefore, have to find an alternative to their daily use of oil. Doing this will also help the country contribute to the fight against climate change.

It should be noted that some Nigerians on Twitter also agreed with his idea, arguing that it’s time the country starts thinking about the future, along with other countries who are already using technology to their advantage.

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Other countries are doing it

According to reports, Norway is introducing zero-emission cars in their roads by 2025.

It is also worthy to note that electronic vehicle sales in Norway in March outstripped sales of gasoline and diesel cars combined. This development confirms the Nordic country’s undisputed global leadership in the EV market. It also sets it on the road to achieving its national goal of having all cars sold by 2025 be zero emission.

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Other countries such as China have also been making effort to introduce more electric cars onto their roads. Therefore, it’s about time Nigeria does same.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Trove and Risevest currently offer their clients N491.68 and N486 to $1 respectively.

In addition, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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